Axcelis Announces Financial Results For Second Quarter 2021

August 4, 2021 at 4:01 PM EDT
The Company Expects 2021 Revenue to Exceed $625M

BEVERLY, Mass., Aug. 4, 2021 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling ion implantation solutions for the semiconductor industry, today announced financial results for the second quarter ended June 30, 2021.

Highlights for the second quarter are as follows:

  • The Company reported second quarter revenue of $147.3 million, compared to $132.8 million for the first quarter of 2021. This includes quarterly system revenues above $100 million, the first time since 2004.
  • Operating profit for the quarter was $24 million, compared to $20.3 million for the first quarter.
  • Net income for the quarter was $18.9 million, or $0.55 per diluted share, compared to net income of $16.5 million, or $0.48 per diluted share for the first quarter.
  • Gross margin for the quarter was 43.5%, compared to 42.5% in the first quarter.
  • Cash, cash equivalents and restricted cash were $220.5 million on June 30, 2021, compared to $207.5 million on March 31, 2021, after the settlement of stock repurchases of $13.4 million.
  • Shipped multiple high current and high energy Purion™ and legacy implant systems to multiple fab locations for a leading foundry located in China.
  • Shipped multiple Purion M™ Power Series SiC medium current and Purion XE™ Power Series SiC high energy implanters to several leading SiC power device manufacturers located in Asia and Europe.

President and CEO Mary Puma commented, "Axcelis delivered strong second quarter financial performance as a result of overall strength in the semiconductor industry combined with growing demand for our Purion™ implant products, especially in the high growth power device market. The rapid acceleration of the electrification of the automotive industry is creating substantial demand for power devices and image sensors, which is driving sustainable growth for the Purion product extensions specifically developed for these markets. As a result of these market trends and the traction of our Purion base products and product line extensions, Axcelis is on track to exceed $625 million in revenue for the full year 2021. The Company is well positioned for strong sustainable growth."

Business Outlook
For the third quarter ending September 30, 2021, Axcelis expects revenues to be approximately $170 million. Gross margin in the third quarter is expected to be approximately 42.5%. Third quarter operating profit is forecasted to be approximately $32 million with earnings per diluted share of approximately $0.70. The Company also expects to exceed $625 million in revenue for the full year 2021.

Second Quarter 2021 Conference Call
The Company will host a call to discuss the results for the second quarter on Thursday, August 5, 2021 at 8:30 am ET. The call will be available to interested listeners via an audio webcast that can be accessed through the Investors page of Axcelis' website at www.axcelis.com, or by dialing 866.588.8911 (707.294.1561 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and Audience Passcode: 7664896. Webcast replays will be available for 30 days following the call.

Safe Harbor Statement
This press release and the conference call contain forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and guidance for future financial performance, are based on management's current expectations and should be viewed with caution. They are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are outside the control of the Company, including that customer decisions to place orders or our product shipments may not occur when we expect, that orders may not be converted to revenue in any particular quarter, or at all, whether demand will continue for the semiconductor equipment we produce or, if not, whether we can successfully meet changing market requirements, and whether we will be able to maintain continuity of business relationships with and purchases by major customers. Increased competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and instability caused by changing global economic, political or financial conditions could also cause actual results to differ materially from those in our forward-looking statements. These risks and other risk factors relating to Axcelis are described more fully in the most recent Form 10-K filed by Axcelis and in other documents filed from time to time with the Securities and Exchange Commission.

About Axcelis:
Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 40 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.

Company Contacts

Investor Relations:
Doug Lawson
978.787.9552

Editorial/Media:
Maureen Hart
978.787.4266

 

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)



Three months ended 


Six months ended





June 30,


June 30,




2021

2020

2021

2020

Revenue:












Product

$

140,156

$

117,194

$

266,765

$

229,327

Services

7,118

5,771

13,285

12,629

Total revenue

147,274

122,965

280,050

241,956

Cost of revenue:












Product

76,688

65,519

147,022

132,691

Services

6,572

5,547

12,579

11,817

Total cost of revenue

83,260

71,066

159,601

144,508

Gross profit

64,014

51,899

120,449

97,448

Operating expenses:












Research and development

16,623

16,040

32,308

30,646

Sales and marketing

12,177

9,437

22,564

17,641

General and administrative

11,217

10,041

21,230

19,077

Total operating expenses

40,017

35,518

76,102

67,364

Income from operations

23,997

16,381

44,347

30,084

Other (expense) income:












Interest income

40

70

73

552

Interest expense

(1,274)

(1,299)

(2,303)

(2,602)

Other, net

(15)

421

(1,168)

(199)

Total other expense

(1,249)

(808)

(3,398)

(2,249)

Income before income taxes

22,748

15,573

40,949

27,835

Income tax provision

3,842

2,271

5,563

3,312

Net income

$

18,906

$

13,302

$

35,386

$

24,523

Net income per share:












Basic

$

0.56

$

0.40

$

1.05

$

0.74

Diluted

$

0.55

$

0.39

$

1.03

$

0.72

Shares used in computing net income per share:












Basic weighted average common shares

33,677

33,116

33,696

32,998

Diluted weighted average common shares

34,311

33,958

34,473

34,023

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)










June 30,


December 31,




2021

2020

ASSETS






Current assets:






Cash and cash equivalents

$

219,731

$

203,479

Accounts receivable, net

79,544

86,865

Inventories, net

192,321

161,076

Prepaid expenses and other current assets

22,535

19,371

Total current assets

514,131

470,791

Property, plant and equipment, net

30,683

29,840

Operating lease assets

7,626

4,542

Finance lease assets, net

19,889

20,544

Long-term restricted cash

755

753

Deferred income taxes

51,386

57,851

Other assets

36,170

40,303

Total assets

$

660,640

$

624,624

LIABILITIES AND STOCKHOLDERS' EQUITY






Current liabilities:






Accounts payable

$

40,695

$

24,013

Accrued compensation

14,906

24,562

Warranty

4,690

4,280

Income taxes

622

654

Deferred revenue

34,112

21,221

Current portion of finance lease obligation

864

756

Other current liabilities

10,585

8,945

Total current liabilities

106,474

84,431

Long-term finance lease obligation

46,923

47,393

Long-term deferred revenue

1,406

1,837

Other long-term liabilities

11,735

9,361

Total liabilities

166,538

143,022








Stockholders' equity:






Common stock, $0.001 par value, 75,000 shares authorized; 33,657 shares issued and
outstanding at June 30, 2021; 33,633 shares issued and outstanding at December 31, 2020

34

34

Additional paid-in capital

561,680

570,102

Accumulated deficit

(70,281)

(91,969)

Accumulated other comprehensive income

2,669

3,435

Total stockholders' equity

494,102

481,602

Total liabilities and stockholders' equity

$

660,640

$

624,624








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SOURCE Axcelis Technologies, Inc.